(9) Note Payable

3 Months Ended

Mar. 27, 2021

Debt Disclosure [Abstract]

(9) Note Payable

(9)      Note Payable

In March 2020, the Company acquired inspection equipment for a price of $208 thousand. The full amount was financed through a 5 year note payable with a third party equipment finance company. The note is collateralized by the equipment and is being paid in monthly installments of $4 thousand, consisting of principal plus interest at a rate of 6.47%.

In July 2020 CPS placed into service a piece of manufacturing equipment which it financed with the machine’s vendor.  The equipment cost of $40 thousand will be paid at the rate of $2 thousand per month over 2 years, resulting in an implied interest rate of 1.90%. 

The aggregate maturities of the notes payable based on the payment terms of the agreement are as follows: 

Remaining in:	Payments due by period
FY 2021	$	43,851
FY 2022	$	55,906
FY 2023	$	43,837
FY 2024	$	46,757
FY 2025	$	8,090
Total		198,441

Total interest expense on notes payable during 2021 was $2,986.